You Sold a Futures Contract on Corn at a Futures

question 3

Multiple Choice

You sold a futures contract on corn at a futures price of 331 and at the time of expiration the price was 343.What was your profit or loss?

• A)-$12.00
• B)$12.00
• C)-$600
• D)$600
• E)None of the above

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Definitions:

Paid

An amount of money that has been given or transferred in exchange for goods, services, or to settle a debt.

Accrued Expense

Expenses that have been incurred but not yet paid or recorded through a standard accounting transaction, often recognized at the end of an accounting period.

Electric Bill

The cost incurred for the consumption of electricity by a household, business, or organization.

Paid

The process of disbursing money in exchange for goods or services, or the act of fulfilling an obligation such as a debt.